353 Water Reuse Loan Agreement;- •
CITY OF YELM
RESOLUTION NO. 353
WHEREAS, the intent of the Yelm City Council is to enter
into a binding loan agreement between Yelm and the state of
Washington, Department of Ecology for the purpose of achieving
100 Percent Water Reuse; and
WHEREAS, Yelm is a duly formed and legally existing
municipal corporation of the state of Washington and has full
corporate and other power to enter into said Agreement; and
WHEREAS, there is no material adverse information
relating to the Project or this Agreement known to the City,
which has not been disclosed in writing to the Department of
Ecology; and
WHEREAS, no litigation is now pending or, to the City's
knowledge, threatened, seeking to restrain or enjoin the
execution of this Agreement, or the fixing or collection of
the revenues, rates, and charges pledged to pay the principal
and interest on the loan, or in any manner questioning the
proceedings and authority under which the loan is authorized,
and neither the corporate existence or boundaries of the City
nor the title of the present officers to their respective
offices is being contested, and that no authority or preceding
for the execution of this agreement has been repealed,
revoked, or rescinded; and
WHEREAS, this obligation does not create an indebtedness
of the City in excess of any constitutional or statutory
limitations; and
WHEREAS, the City has exercised due regard for
Maintenance and Operation Expense and the debt service
requirements of the Senior Lien Obligations and other
outstanding obligations pledging the Gross Revenues of the
Utility, and that it has not obligated the City to set aside
and pay into the Loan Fund a greater amount of the Gross
Revenues of the Utility than in its judgement will be
City of Yelm
Resolution No. 353 Page 1
available over and above such Maintenance and Operation
Expense and the debt service requirements of the Senior Lien
Obligations and other obligations of the Utility;
NOW, THEREFORE, be it resolved by the City Council of the
City of Ye1m, Washington that:
Kathryn M. Wolf is designated as the authorized
representative to sign the binding loan agreement for up to
$5,000,000.00 (5 Million Dollars), between the City and the
state of Washington, Department of Ecology for the
construction of the City of Yelm's 1000 Waste Water Reuse
Project.
This Resolution shall become effective on and after the
26th day of November, 1996.
Kat ryn Wol Mayo
Attest:
.L
Ag s P. Bennick, City Clerk
PASSED and APPROVED: November 26, 1996
City of Yelm
Resolution No. 353 Page 2